Asia Pacific, Vestian Global [Apr 2012]

With high borrowing rates and declining sales, the extension of 1% interest subvention scheme for affordable housing is the positive measure for the realty sector. The government has reiterated its commitment to favour multi-brand retail by allowing FDI upto 51%, subject to consensus from the state governments, which is bound to be a time consuming and a challenging process. To sum it up, union budget 2012-13 is a disappointment for real estate sector with issues like uncertainty in SEZ regulations, delay in implementation of Direct Tax Code (DTC) and failing to provide ‘Industry’ status. -Shrinivas Rao, CEO-Asia Pacific, Vestian Global

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